Thailand
Bank Indonesia Highlights Three Major Benefits of Digital Rupiah
TEMPO.CO, Jakarta – Bank Indonesia (BI) Governor Perry Warjiyo believed the Central Bank Digital Currency (CBDC) or digital rupiah will bring many positive impacts on the economy, particularly on the country’s payment system. He said there were at least three benefits of digital rupiah.
First, it will promote efficiency due to its circulation via digital blockchain technology platforms and distributed ledger technology (DLT). “We will circulate digital rupiah through the blockchain digital technology platform and DLT so the distribution will be efficient,” said Perry in a virtual press conference on Thursday, August 19.
Second, digital rupiah will slash transaction costs in banking services. “Bank transactions in the money market will be efficient and have zero transaction costs because banking is connected to the digital currency system.”
Third, Perry explained the digital rupiah would result in savings for the retail side because of low transaction costs. It will also offer fast transactions with the help of BI Fast and QRIS.
“There are many benefits of CBDC, in terms of transaction costs, transaction speed, and circulation of money in the economy. All of them boost efficiency, productivity, and economic growth other than being more inclusive for the financial economy,” said Perry.
However, Perry acknowledged that digital rupiah was not without risks. Thus, Bank Indonesia will continue to develop its risk management, including cyber security.